MONEY MARKET

By Niyi Olaoye Following the announcement by the Central Bank of Nigeria (CBN) on plans to clear all existing backlog of Foreign Exchange (forex) demand in the country and the recent commencement of trading on the Nigeria Interbank Foreign Exchange (NIFEX), the naira plunged to 280 against the dollar at...

By Niyi Olaoye The Central Bank of Nigeria (CBN) has licensed Suntrust Bank Nigeria limited and ProvidusBank Plc to commence operation in Nigeria as regional banks. With the two new banks, located in Victoria Island, Lagos, the financial service industry now has 21 commercial banking licences, one non-interest banking licence,...

By Niyi Olaoye The Central Bank of Nigeria (CBN) loan to banks rose sharply last weekend by 173 per cent to N281 billion. Investigations reveal that lending to banks through the CBN’s standing Lending Facility (SLF) rose from N102.89 billion the previous week to N281 billion at the close of...

The Naira tumbled on Monday as the Central Bank of Nigeria (CBN) ended a 16-month-long currency fix that caused investors to flee and sent the economy to the brink of a recession. According to Bloomberg report monitored by Business247, the Naira fell 24 per cent to a record 260.5 versus...

The President, Association of Bureau de Change of Nigeria (ABCON), Mr. Aminu Gwadabe, said the Central Bank of Nigeria (CBN) new foreign exchange policy regime would fuel cartel in the foreign exchange market. The BDC chairperson speaking with Business247 lamented over a number of issues which he claimed will erode...

In line with its mandate to enrich the lives of its customers through efficient and prompt delivery of quality banking services, Sterling Bank has announced the conclusion of the upgrade of its information technology infrastructure. About 24 months back, the Bank commenced the upgrade of its core and subsidiary systems,...

As part of its corporate social investment campaign for 2016, management and staff of Stanbic IBTC, a member of Standard Bank Group, devoted a day to mentor students of Lagos Progressive Schools, Surulere, on career choices and leadership. The mentorship class provided an opportunity for the students to have a...

Nigeria's commercial banks have asked customers to submit bids ahead of the start of new interbank foreign exchange trading on Monday, a senior banking source told Reuters on Saturday. The central bank said on Wednesday it would begin market-driven trading of the naira to alleviate chronic foreign exchange shortages, but...

Niyi OLAOYE Standard & Poors (S&P),a global scale ratings company, has downgraded Skye Bank Plc  rating to 'CCC+' from 'B-' and the national scale rating to 'ngB+' from 'ngBB' , placing both on the CreditWatch with negative implications. According to the report from financial rating company, the decision was based...

Niyi Olaoye Chief Executive Officer, Nigerian Interbank Settlement System (NIBSS), Mr. Ade Shonubi, has advised Nigerians banks and electronic payment firms to develop products that would help capture the over 60 million unbanked population in the country. He explained that the reality is that the banking institution in Nigeria is...